As part of
PipRider's ethos of promoting safe trading, we've come up with a free
goody that we think will be useful to just about all manual traders
which we'd like to share with you.
This goody isn't
just on offer to our existing paid users - in fact, anybody can enjoy
it with our compliments, TOTALLY FREE OF CHARGE!!!
LotCalculator
Indicator
So many times over
the years, we've heard people ask what lot size they should be trading
so that they only risk a fixed percentage of their account balance.
Worryingly, we've also watched while people have taken too large a trade
for their account size with disastrous consequences!
The calculations
involved in determining the correct lot size are very simple, but so
many people either don't know how to carry them out or neglect to do
them before taking a trade.
That's why we've
come up with a solution.
| The
LotCalculator Indicator now does all the
calculations for you. You simply enter
the risk as a percentage of your account
that you are prepared to take, together with
the distance in pips away that you want to
set your stoploss, and the indicator
displays on screen what lot size trade you
should be taking. |
|
 |
The LotCalculator actually goes further than that,
because it automatically adjusts the stoploss
distance for 3/5-digit brokers and applies any
minimum or maximum lot sizes which are specific to
your broker. It also has a separate option
which
calculates lot sizes based upon the stoploss being set
at a particular level (such as underneath a recent
low or above a recent high).
Just click either on the download link above or on
the image below and you will be directed to a page where you can
download the LotCalculator for free.
 |
|
The LotCalculator file is provided in open
source MQL4 format and please note that it is offered without
support. We
have, however, made the code as easy to understand
as possible, and you are at liberty to change the
text style and positioning to suit your own
preferences. |
The calculator currently bases its sums on account
equity, but it is a quick and easy task to modify
the code for anyone who prefers to use the account balance
instead of equity.
The indicator should be saved to your MT4
experts\indicators folder. It will appear as a
Custom Indicator once MT4 is restarted, from where it can be
dragged onto any open chart.
It really
couldn't be any easier!
Enjoy!
